Quote:
Originally posted by jacker
No, they don't. Because of the small number of Canadian banks (7 as opposed to 14 000 in the USA) Interac has been developed and 95% of Canadians who have a bank account have an Interac card which allows either direct payment or the removal of funds on any street corner. Of course, checks are still used a little in the more rural areas, but because of the bank centralization, the number is very low.
James
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Interac is only good for paying a business. You can't pay another person using Interac. Besides, American banks have both Visa debit cards and Mastercard debit cards (which Canada doesn't have), these debit cards instantly withdraw money from your account (just like Interac). Visa and Mastercard debit cards can also be used online or anywhere normal Visa/mastercard can be used. Visa/Mastercard debit cards are not credit cards, you can only spend up to the amount of money that is in your bank account at the time.